Solana has completed a bearish double-top pattern near $75 after failing twice at the resistance zone, with a neckline breakdown targeting the $60.8 support zone. According to data from crypto.news, SOL traded around $69 on June 24 after extending losses from last week's highs near $75. The double-top structure formed with peaks near $75 on June 16 and June 22, with a neckline established around $68 that has now been broken below. Using the pattern height, the measured downside target sits near $60.8, implying roughly 12% downside from current levels. The breakdown occurred as SOL also slipped beneath several short-term support zones established during the second half of June, with momentum indicators remaining weak as the Relative Strength Index hovers near 42 and remains below its signal line.
A significant cryptocurrency whale has significantly expanded its bearish position on Solana [SOL], maintaining a $43.4 million short position worth 624,680 SOL despite facing a $4.5 million unrealized loss. According to reports from AMBCrypto, this whale had previously opened a massive $24.34 million exposure covering leveraged positions in SOL and ETH, but has now shifted to a short-term bearish stance. The trader established a 20x leveraged SOL position worth $16.5 million and a 25x leveraged ETH position, but the ETH trade was closed with profits of $14.2K while the SOL long position remains open with an unrealized loss of $616.2K following SOL's sharp 4% price drop on June 23rd. At the time of writing, SOL traded at ₹5,800 ($68.9), just above its liquidation price of ₹5,600 ($67.9).
On-chain activity has weakened considerably over the past several sessions, with transaction volumes across Solana-based decentralized exchanges declining while network fees have fallen to multi-month lows. Since Solana's valuation has historically benefited from high transaction throughput and user activity, the drop in network usage has reduced one of the key drivers behind recent demand. Wallet activity also presents another challenge, with several large holders and early venture-backed participants transferring tokens to centralized exchanges in recent weeks, increasing available spot supply. At the same time, capital exiting struggling ecosystem tokens has largely left the network instead of rotating into other Solana-based assets, reducing liquidity across the ecosystem. The institutional backdrop remains mixed as consecutive weeks of outflows from digital asset investment products have reduced buy-side support across the crypto market.
Solana faces a critical test at the $70 level, with the cryptocurrency currently trading at $69, down 1.3% over the past 24 hours, reflecting a 0.01% change over the past 24 hours. According to technical analysis from AMBCrypto, the bullish case requires SOL to hold above $70, reclaim $76.65 on a daily close, and target the $85 to $88 supply zone next, with $97.69 becoming the ultimate target - a level not reclaimed since early 2026. However, the bearish scenario shows a rising wedge pattern breaking to the downside, with SOL potentially falling back to $60 and risking a push into the $55 area if the June low gives way. The latest technical indicators show SOL fell below its 9-day Moving Average at $71 and slipped beneath the MA Cross near $70, with the Directional Movement Index showing Positive Directional Index (+DI) at 19 and Negative Directional Index (-DI) at 26, while the Average Directional Index (ADX) rose to 27, suggesting bearish momentum remains dominant. The LuxAlgo Smart Money Concepts overlay has printed several important signals since January 2026, including a BOS (Break of Structure) label around the $76 level and an EQH (Equal Highs) pattern that formed during March and April near the $85 zone.
Derivatives positioning highlights significant risk areas, with CoinGlass liquidation data showing one of the largest leverage clusters concentrated near $68, where traders have accumulated sizeable long exposure. Additional liquidity pockets sit between $70 and $71, while a dense cluster of stop orders remains below current prices. A decisive move under $68 could force another wave of long liquidations and accelerate the move toward the $60 region. However, some traders continue to watch for a recovery scenario, with crypto analyst Satoshi Owl noting that SOL is looking ready for a big move after price has been compressing inside a 4-hour triangle following recent dumps. The analyst suggests that a breakout above the current range could send Solana back toward the mid-$70s, though failure to reclaim the neckline near $68 and resistance between $72 and $75 would leave the double-top target near $60 firmly in focus. Market dynamics show Market Cap fell 1.4% while Trading Volume rose 3%, indicating increased market activity as traders reduced exposure amid the broader tech sell-off that drove the Nasdaq down 1.3%.
